More Calgarians plan to buy condos in the next five years: BMO

Interesting study done by BMO, I also find it interesting that people in Calgary who plan to buy a a traditional (detached) house has declined so much from the Fall study

CALGARY — More Calgarians are planning to buy a condo in the next five years, says a new BMO Bank of Montreal report released on Thursday.

The survey, conducted by Pollara, found that in Calgary prospects for condos among homebuyers has risen eight points from the fall (33 per cent versus 25 per cent), while intent to buy a traditional home has dropped from 71 per cent in the fall to 58 per cent.

For other major cities, the survey showed: 31 per cent of prospective buyers in Toronto plan to purchase a condo in the next five years, up 11 points from the fall; intent to buy condos in Vancouver has dipped by five points, from 33 per cent in the fall to 28 per cent; and 24 per cent of buyers in Montreal will be opting for condo living, down three points.

Frances Hinojosa, a mortgage expert with BMO, said in a news release that the convenient condo lifestyle offers benefits for a number of demographics, from first-time buyers to baby boomers.

“For many first-time buyers, particularly in high-priced markets like Toronto and Vancouver, condos represent an affordable stepping stone into the housing market,” said Hinojosa. “On the other side of the spectrum, many in the baby boomer demographic may be looking to downsize from the family home — leading some to consider the condo market as well.”

She said the report shows prospective buyers aged 50 and over are more likely to be planning to purchase a condo than those under the age of 50 (30 per cent versus 17 per cent).